The Delhi High Court has ordered Zettai Pte Ltd, the owner of Singapore-based Crypto Exchange Wazirx, to create an acquisition agreement with the company. Binance It also discloses details of the restructuring scheme to drive transparency following the $235 million hack that creditors have incurred last year.
Judge Sachin Dutta issued the order on Tuesday, requesting the Zettai file “copy of the agreement with Binance” and all Singapore High Court proceedings related to its restructuring scheme.
The directive comes when the Singapore High Court concluded a revision of its amendment plan on Wednesday after placing aside its previous denial and ordered a reaffirmation.
Voting was underway and ended at 7:30pm on August 6th.
»All votes are collected on secure third-party platforms – Kroll Publisher Services
»After the vote ended on August 6th…pic.twitter.com/drhvwmaeya
– Wazirux: India KA Bitcoin Exchange (@wazirxindia) August 4, 2025
Binance and Wajirux
The court’s intervention points to growing scrutiny over Wazirx’s complex ownership structure and efforts to recover from the July 2024 cyberattack that emitted millions of users’ funds.
The ownership question remains controversial, with Binance publicly denialing that it completed its acquisition of Wazirx in September 2024. Binance argued that Wazirx’s “attempt to change responsibility” was a “disappointing deflection tactic,” and that signing an initial agreement never owned, managed or operated the platform.
Creditors seek special investigation teams
Wazirx creditors Sudhir Verma and Kunal Dhariwal filed a petition in October 2024, challenging the platform’s hack and its aftermath.
In January, the Delhi High Court issued notifications to more than 10 respondents, including RBI, SEBI and multiple government ministries, and directed them to outline the regulatory mechanisms to oversee the cryptographic platform and actions taken against Wazirx.
“The direction of generating Binance and Zettai transactions shows the judicial perception of users’ rights to information and ownership of digital assets,” Darywal said. Decryption. “With RBI being drawn into the conversation, there is new hope for meaningful regulatory responses to protect the industry.”
The petition, represented by supporters Navodaya Singh Rajpohit, Lithik Dhaliwal and Dawesh Puffja, is calling for the establishment of a special investigation team to investigate cyberattacks.
“We need to configure members of various regulators and agencies with expertise in financial fraud, economic crime and cybercrime,” said Rajpurohit, a legal partner at Web3 consulting firm Coinque Consulting. Decryption.
Chief petitioner Berma said Decryption “Any unveiled misconduct will be addressed firmly.”
The saga of restructuring was tumultuous, with the Singapore High Court initially rejecting Zettai’s scheme on June 4th, then reversed the course in July and ordered a revised version to be revised.
Only 3.3% of total creditors participated in the first vote, with the most recent voting period running from July 30th to August 6th, and the results were independently verified by consulting firms Alvarez & Marsal.
The next hearing is scheduled for August 26th, with RBI officials being instructed to continue attending.
Decryption I’m approaching Wazirx for comments.
